Budget 2013-14: Fiscal Plan Achieves Surpluses for Investments

YELLOWKNIFE (February 7, 2013) – Today’s budget tabled by Finance Minister J. Michael Miltenberger sticks to the four-year fiscal plan developed last year while achieving operational savings to invest in urgent priorities.

“The investments we’re making in prevention, diversifying the economy, energy alternatives, and improving service delivery reflect what we heard last fall,” said Minister Miltenberger. “At the same time, we are holding to our commitment to live within our means to generate the operating surpluses we need to increase our infrastructure investments. The investments we’re making today build the foundation for a healthier and more prosperous future for NWT residents.”

The 2013-14 Budget describes the Government’s four-year plan focussed on fiscal discipline in managing the growth in operating expenditures to build cash reserves for an enhanced infrastructure budget. This strategy will generate enough operating surpluses to allow for $50 million in additional infrastructure spending in each of 2014‑2015 and 2015-16, while keeping the GNWT well within the $800 million federally imposed borrowing limit.

The Budget projects an operating surplus of $113 million in 2013-14 from revenues of $1.61 billion and expenditures of $1.50 billion. The GNWT expects to reduce borrowing from an estimated $609 million at March 31, 2013 to $581 million at March 31, 2014, allowing $219 million in borrowing room.

Highlights of specific initiatives of the 2013-14 Budget are included in the attached Budget Highlights document. The 2013-14 Budget Address and Main Estimates can be found on the Department of Finance website.

For more information:
Brenda Norris
Media Liaison
Office of the Premier/Cabinet
Government of the Northwest Territories
Tel: (867) 669-2302
Email: brenda_norris@gov.nt.ca